Supreme Court (SC) strikes down the Electoral Bonds Scheme (EBS) as ‘unconstitutional’ | Current Affairs | Vision IAS
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  • SC ruled that,
    • Anonymous electoral bonds are violative of the Right to Information (RTI) under Article 19(1)(a).
    • Court also quashed the amendments made to the Income Tax Act and the Representation of People Act 1951 which made the donations anonymous.
    • Amendments to Companies Act 2013 provision allowing unlimited corporate contributions is arbitrary and violative of Article 14.
       
  • About Electoral Bonds Scheme (EBS):
    • Finance Act 2017 introduced EBS that allowed corporations and individuals to anonymously donate money to political parties by purchasing electoral bonds from the SBI.
    • Electoral bonds are interest-free bearer instruments like Promissory Notes, with 100% tax exemption.
      • They are issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 cr. 
      • A citizen of India or a body incorporated in India is eligible to purchase the bond.
    • It was proposed as a measure to address the lack of transparency in political parties' funding and curbing black money.
       
  • Issues related to EBS:
    • As per RBI, shell companies may misuse bearer bonds for money laundering transactions.
    • Unlimited and anonymous corporate funding infringes the principle of free and fair elections.
Tags:
SC on Electoral Bonds Electoral Bonds Scheme curbing black money. EB Electoral Bonds Electoral Bonds
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